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EPF New Rules: Rs. Lakh withdrawal money in the account in 3 days. EPF new rules. Do you know about these 4 changes?

samayam | June 7, 2024 9:31 AM CST

EPFO Auto Settlement: Employees Provident Fund Organization (EPFO) has provided relief to EPF members. By relaxing many rules. It has made it easy to withdraw. These include Auto Settlement including Faster Death Claims. Let's know about them. 2024, according to a press release issued on May 13, provides good news to borrowers for housing under Rule 68B, and marriage and education under Rule 68K. It has also been announced that auto settlement will be brought down. According to this calculation, it used to take more than 10 days to get this money, now it is said that it will come within 3-4 days.
Earlier also on April 16, EPFO issued a key announcement. PF money under rule 68J is also for medical expenses up to a maximum of Rs. It has been clarified that one can withdraw up to one lakh. Earlier this limit was Rs. It was only 50 thousand. And under 68K it is already applicable for marriages and higher education. With this, even in 3-4 days, Rs. You can get one lakh. It can be said that this facility is useful for many PF subscribers.

It has also provided an opportunity to get PF money from anywhere in the country very quickly. A multi-location claim settlement has been brought for this. She said that there will be no delay through this.

On the other hand, PF asserted that Aadhaar seeding is not required for death claims. It said that PF physical claims from dead people are not possible through Aadhaar seeding, but can be processed through e-KYC at such a time.

There are some rules to take PF money. As a part of this, it was also mandatory to upload the check leaf. Now they are exempted under certain special circumstances. That means you can withdraw money without uploading a check anymore. EPFO claims that this will reduce the chances of rejection of PF withdrawal claims and also enable faster receipt of funds.
The company we work for deposits 12 per cent of the salary every month into the EPF account. The company also has to add the same. The Center has to deposit interest on this at the end of every financial year.